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Morning Bell 20 July

Paulina Peters
July 20, 2021

It was a volatile session over on Wall Street. The Dow Jones tumbled more than 700 points, that was its largest drop since October last year. This comes as the delta variant is spreading, causing COVID-19 cases in the US to rebound this month.

What to watch today:

  • Today, the Aussie share market is set to drop sharply at the open, 1% lower, amid Wall Street retreating, oil collapsing and US Treasury yields sliding.
  • The RBA Meeting Minutes will be released at 11:30am today AEST. Given NSW and Victoria are in lockdown, and the RBA previously flagged it will reduce the amount of bonds it buys from November, many are now expecting the central bank to flip on that decision and increase support again.
  • Today, BHP (ASX:BHP) is set to report its fourth quarter FY21 production numbers and Sydney Airport (ASX:SYD) will release its June 2021 sales.
  • The most traded stocks yesterday by Bell Direct clients, were Evolution Mining (ASX:EVN) which fell nearly 9% yesterday, after several investment houses trimmed their targets to EVN’s share price including Morgan Stanley & Credit Suisse. Also, we saw Bell Direct clients trading energy services group Valmec (ASX:VMX), its shares jumped 25% higher yesterday after the company received an acquisition offer.
  • The oil price fell more than 6% lower, below US $70 a barrel, after OPEC ministers agreed to increase oil supply from August and as the delta COVID-19 variant threatens global demand.
  • Coal prices continue to track upwards, trading at almost $150 a tonne.
  • While the iron ore price continues to trade around US$219.

Trading ideas:

  • Bell Potter has maintained its BUY recommendation on Australia’s largest accident repair group, AMA Group (ASX:AMA), with a decreased price target of $0.65 (previously $0.70). AMA closed about 1% lower yesterday to $0.52, which implies about 24% share price growth.
  • Bell Potter also maintained its BUY recommendation on Cooper Energy (ASX:COE) with a price target of $0.45. The stock closed about 4% lower yesterday to $0.24, which implies a massive 86% share price growth.
  • Bullish charting signals have been identified in Deterra Royalties (ASX:DRR), Mirvac Group (ASX:MGR) and Mayne Pharma Group (ASX:MYX) according to Trading Central.

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